Hughes Marino continues its expansion with a Dallas office. The firm is the leading buyer representation and tenant representation firm in the country.
As the United States economy continues to evolve, the nation’s commercial property industry faces its own challenges and opportunities. In July 2023, the National Association of Realtors released insights on the United States’ commercial property market. The COVID-19 pandemic’s aftereffects, high interest rates, and economic uncertainty negatively affected the complex marketplace. Despite numerous headwinds, San Diego-based Hughes Marino remains optimistic about the sector’s future growth.
Its latest move signifies that optimism: The 12-year-old Hughes Marino recently landed in the Dallas-Fort Worth market where it brings its expertise in the office, industrial, manufacturing, health care, and biotechnology sectors. The firm offers buyer representation for clients seeking to buy or construct a building and provides tenant representation services for clients who prefer to lease their space. In a statement to WFAA-TV, Hughes Marino COO and President Shay Hughes called the move a natural progression.
“Dallas holds immense significance in the commercial real estate landscape as a vibrant community, economic powerhouse and strategically located city, and we are thrilled to open this key market with such an experienced and talented team of corporate real estate advisers.”
The State of the Dallas-Fort Worth Commercial Property Market
In July 2023, a Dallas Morning News story highlighted a decline in Dallas-Fort Worth commercial property sales. At the year’s halfway point, sales had dropped nearly 70% compared to the same 2022 period. The pandemic-era decline in office space demand and recent interest rate hikes likely contributed to the downturn.
Even with this decline, over $8 billion in regional commercial investments likely took place. This placed the Dallas-Fort Worth metroplex in the second position behind much larger Los Angeles, according to MSCI, Inc., a New York City-based decision support information provider.
The Dallas-Fort Worth market’s downturn followed a trendsetting 2022. During this period, the metroplex amassed a nation-leading $42.5 billion sales volume. The MSCI Market Insights Report explained the Dallas-Fort Worth market’s dynamics. “Dallas was bumped down a spot from the top ranking it has held in the first half of each year since 2020.
“More than half of the $8.1 billion in property trades were tied to apartments … More than $940 million in D-FW retail buildings traded through midyear and about $827 million in offices. More than $383 million in hotels in the area were sold,” noted MSCI analysts.
Hughes Marino Makes Its Mark in the Metroplex
The topsy-turvy nature of the industry doesn’t phase an experienced firm like Hughes Marino. Located in Dallas’ Arts District, the firm’s brand-new office features clean design, vibrant colors, and striking Texas touches. Hughes Marino’s signature hospitality combines with team members’ specialized knowledge and market expertise. The firm’s Dallas office is ideal for welcoming clients and forging relationships.
On August 9, 2023, Hughes Marino Executive Vice President Mike McElwee expressed confidence in the Dallas office team. He presented his remarks in a Hughes Marino blog entry. “It is an extremely competitive market,” he said. “But we have diversity with the people we’ve brought on board. Not just tenure in the industry, but also in product type, from office to industrial to biotech to health care. That presents a huge opportunity for success.”
Today, Hughes Marino is considered the United States’ leading buyer representation firm. The company has a fiduciary responsibility to solely represent every client’s interest.
Equally importantly, Hughes Marino is a family-owned company. Therefore, the firm can safeguard its clients’ interests without worrying about shareholder-related delays. For each purchase transaction, the broker’s industry expertise and market knowledge often give them an edge. The Hughes Marino Dallas office website states that the Dallas-Fort Worth metroplex is a complex market with multiple industries. In addition to office space, the market includes manufacturing, industrial, lab facilities, and other sectors.
Fortunately, the highly skilled team has worked within each industry. Team members understand buyers’ challenges when negotiating to buy or lease a commercial property. Equally importantly, the team develops strategies to successfully navigate each scenario and achieve results.
Taking Care of Business the Hughes Marino Way
The Hughes Marino website notes that the company represents buyers in almost every industry across the United States. Team members handle commercial property purchases from 2,000 to 2 million square feet.
Hughes Marino associates work with locally owned firms and multinational companies. Clients include privately and publicly owned businesses, municipalities, and nonprofit organizations.
When a client considers a building purchase, a company associate typically completes several evaluative exercises. First, the associate takes in the client’s business goals and operating constraints.
A detailed feasibility study and extensive property due diligence are essential presale tasks. Assuming the transaction moves forward, a purchase and sale agreement may be accompanied by multiple lending options.
Alternatively, a buyer representation client may wish to construct a new building. Here, a Hughes Marino associate will assist with site selection, evaluation, and purchase.
If the client is ready to begin construction, Hughes Marino will provide guidance throughout this complex undertaking. Multiple team members have deep building construction expertise, giving them an excellent perspective on the nuances of the process.
For any client objective, Hughes Marino’s commercial property specialists band together to protect the client’s business interests. Experienced property brokers, financial experts, and an in-house legal team leave no stone unturned to effect a positive outcome.
Naturally, some clients would rather lease space than buy a building. Hughes Marino also offers tenant representation services for large and small businesses. Experienced team members handle lease renewal, lease restructuring, buyouts, and terminations. Other clients may want to expand the space in their current facility. At the opposite end of the spectrum, clients with excess space may wish to engage in a sublease.
The Dallas-Fort Worth commercial property market has its share of challenges. With that said, Hughes Marino’s Dallas office team members are confident opportunities will continue to emerge. The team’s recognized expertise and can-do mindset position them to keep moving forward toward continued success.
